Does a revocable living trust file a separate tax return?

During the creator's life, income is often reported by the creator rather than on a separate trust return. For tax reporting purposes, trust taxation depends on whether the trust is revocable or irrevocable, who is treated as the owner, what income is retained, and what is distributed. Different tax results are possible depending on ownership, timing, beneficiary status, basis, and whether the payment is principal or income. Keep the underlying source records together, and have a qualified tax adviser confirm who reports the amount, which form applies, what basis should be used, and when the filing is due.